Page 320 - CityofSouthlakeFY25AdoptedBudget

Budget Glossary

V

Vehicle Replacement Fund: The Vehicle
Replacement Fund is used for the acquisition
and replacement of the City’s fleet.

Voter-Approval Tax Rate: The highest tax rate
Appendix
the taxing unit can set before the City is required
to hold an automatic election for approval. Under
the Texas Property Tax Reform and Transparency
Act of 2019, requires a city to hold an automatic
election on the November uniform election date
if it adopts a rate exceeding the 3.5 percent
voter-approval rate. This rate is formerly referred
to as the rollback tax rate.

W

Working Capital: The year-end balance of
current assets less current liabilities.

Workload Measure: A unit of measure to identify
the amount of work or product generated
from specific activities. They form the basis for
determining the unit’s success at reaching its
performance objectives.

320 FY 2025 City of Southlake | Budget Book